State Street Corp Grows Holdings in EMCORE Corporation (EMKR)

State Street Corp raised its stake in shares of EMCORE Corporation (NASDAQ:EMKR) by 14.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 435,683 shares of the semiconductor company’s stock after purchasing an additional 53,356 shares during the period. State Street Corp owned 1.62% of EMCORE worth $4,640,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Gotham Asset Management LLC bought a new position in shares of EMCORE during the 2nd quarter valued at about $111,000. Voya Investment Management LLC bought a new position in shares of EMCORE during the 2nd quarter valued at about $112,000. Wells Fargo & Company MN boosted its holdings in shares of EMCORE by 2.5% during the 2nd quarter. Wells Fargo & Company MN now owns 19,146 shares of the semiconductor company’s stock valued at $204,000 after purchasing an additional 466 shares during the last quarter. Alliancebernstein L.P. bought a new position in shares of EMCORE during the 2nd quarter valued at about $222,000. Finally, Rhumbline Advisers boosted its holdings in shares of EMCORE by 2.6% during the 2nd quarter. Rhumbline Advisers now owns 32,677 shares of the semiconductor company’s stock valued at $348,000 after purchasing an additional 825 shares during the last quarter. 78.34% of the stock is owned by institutional investors and hedge funds.

Shares of EMCORE Corporation (NASDAQ:EMKR) opened at $6.07 on Thursday. The stock has a market cap of $167.99, a PE ratio of 16.03 and a beta of 0.45. EMCORE Corporation has a 1 year low of $5.80 and a 1 year high of $12.20.

EMCORE (NASDAQ:EMKR) last announced its earnings results on Tuesday, December 5th. The semiconductor company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.02). The business had revenue of $29.20 million for the quarter, compared to analysts’ expectations of $30.29 million. EMCORE had a net margin of 6.70% and a return on equity of 9.45%. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.10 earnings per share.

In other news, CEO Jeffrey Rittichier sold 9,189 shares of the company’s stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $8.45, for a total transaction of $77,647.05. Following the sale, the chief executive officer now directly owns 288,505 shares in the company, valued at approximately $2,437,867.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.77% of the stock is currently owned by corporate insiders.

EMKR has been the topic of several recent research reports. Zacks Investment Research cut shares of EMCORE from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Northland Securities set a $13.00 target price on shares of EMCORE and gave the company a “buy” rating in a research report on Monday, October 16th. Finally, B. Riley restated a “neutral” rating and set a $8.75 target price (down from $10.50) on shares of EMCORE in a research report on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. EMCORE has an average rating of “Hold” and an average target price of $9.63.

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EMCORE Company Profile

EMCORE Corporation is engaged in designing and manufacturing indium phosphide (InP) optical chips, components, subsystems and systems for the broadband and specialty fiber optics market. The Company focuses on linear fiber optic transmission technology. The Company operates through Fiber Optics segment.

Institutional Ownership by Quarter for EMCORE (NASDAQ:EMKR)

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